Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
dingdong131968
New Member

The finance charges paid on a tractor during calendar year 2016 was $970.50 . Can I deduct any of this?

 
1 Best answer

Accepted Solutions
NicoleU
New Member

The finance charges paid on a tractor during calendar year 2016 was $970.50 . Can I deduct any of this?

It depends on what the tractor is used for.  If it is used in your trade or business (other than farming), you can deduct it as a business expense on your business tax return (Form 1040, Schedule C, Form 1065, 1120 or 1120-S as appropriate in your circumstance).  If you use it in your farming operations, you can deduct it on Schedule F.  If you use it for personal reasons outside of business, then it is not deductible.


View solution in original post

1 Reply
NicoleU
New Member

The finance charges paid on a tractor during calendar year 2016 was $970.50 . Can I deduct any of this?

It depends on what the tractor is used for.  If it is used in your trade or business (other than farming), you can deduct it as a business expense on your business tax return (Form 1040, Schedule C, Form 1065, 1120 or 1120-S as appropriate in your circumstance).  If you use it in your farming operations, you can deduct it on Schedule F.  If you use it for personal reasons outside of business, then it is not deductible.


Dynamic AdsDynamic Ads
Privacy Settings
v